Oklahoma Gas and Electric settles $30M rate review case
In an uncontested settlement announced last week, Oklahoma Gas and Electric Company (OG&E) agreed to a $30 million deal on a request to state regulators to adjust rates as it hardens, secures, and modernizes the electric grid.
“We appreciate the open and transparent rate review process conducted by the Oklahoma Corporation Commission,” Christi Woodworth, vice president of marketing and communications for OG&E, said. “The settlement is a fair compromise that provides great benefits for our customers while allowing us to recover critical and necessary investments made to improve the electric grid.”
As part of the settlement – still subject to final approval by the Corporation Commission – OG&E will increase its monthly commitment to the Low Income Assistance Program credit, create a low-cost pricing plan for electric vehicle owners and start refunding customers for a reduction in the state’s corporate income tax rate. In return, average residential customer bills will rise about 1.9 percent, or approximately $2.07, per month.
An interim rate went into effect July 1 to allow the company to recover certain investments while awaiting final approval.
